...the fact remains that there are some questionable developments
unfolding. The Transports don’t look great, neither does the
Russell 2000. The percentage of stocks trading above their 200
DMA is looking toppy while fund flows are starting to suggest
retail investors are warming up to equities. So despite the
S&P 500 trading up about 3-4% or so since we moved to a
neutral position with a slight upward bias, we remain cautious
for the immediate term outlook. Attention now shifts to Friday’s
payroll number where a miss might bring about the decline we
imply would be so welcome. More later this week.

In case you're not familiar with it — and by this point you
should be — this chart starting in 2011, shows the split between
the Dow Jones Index and the Dow Transports, with the transports
lagging in red.